By Brazil Stock Guide – Itaú Unibanco Holding S.A. (NYSE: ITUB) secured a new public tender in Brazil after winning a competitive bid from the state government of Minas Gerais to continue managing payroll services for roughly 670,000 public employees and suppliers.
The announcement was made in a market filing on Wednesday (July 1, 2026), confirming that the bank will maintain responsibility for salary payments covering active workers, retirees, pensioners, and legal entities linked to the state administration.
The new contract carries a total value of R$ 2.188 billion ($approx. market equivalent not disclosed) and will run for five years, starting December 22, 2026. According to the filing, the amount will be recorded as an intangible asset and its impact on earnings will be recognized over time.
The bank already handles the same payroll operations for Minas Gerais under an agreement signed in 2021, which remains valid until the end of this year. The renewal ensures continuity of a long-standing public-sector banking relationship in one of Brazil’s largest state payroll platforms.
The disclosure was signed in São Paulo by Itaú’s investor relations director Gustavo Lopes Rodrigues.